Technical analysis of EUR/USD for June 08, 2018

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Technical Outlook: EUR/USD is expected to trade with a bullish outlook. The pair retreated from 1.1835 and broke below its 20-day and 50-day moving averages. Besides, the death cross between the 20-day and 50-day moving averages has been identified. The relative strength index is around its neutrality area , calling for a further consolidation. Hence, as long as 1.1720 is not surpassed, look for a new test with targets at 1.1790 and 1.1810 in extension.

Fundamental Overview: , The U.S. dollar continued to lose ground to the euro, as more investors expected the European Central Bank to hint the winding down of its bond-buying program at next week's monetary policy meeting. EUR/USD marked a day-high of 1.1840, its highest intraday level since May 16.

Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 1.1790, 1.1810, 1.1840

Support levels: 1.17680, 1.1640, 1.1600

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for June 08, 2018

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USD/JPY is expected to trade with a bearish outlook. The pair retreated and broke below its 20-period and 50-period moving averages. The relative strength index is heading downward. The key resistance at 109.85 should maintain the selling pressure. Hence, as long as 109.85 holds on the upside, look for a further drop with targets at 109.15 and 108.90 in extension.

Fundamental Overview: U.S. wholesalers restocked at a modest pace in April, according to a report released by the Commerce Department earlier today. Wholesale inventories rose a seasonally adjusted 0.1% in April from a month earlier, which exceeded the flat reading economists surveyed by The Wall Street Journal had expected. In March, inventories increased 0.2%. April's rise came after change in private inventories contributed 0.13 percentage point to the revised 2.2% first-quarter growth rate for gross domestic product.

Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 110.05, 110.30, 110.55

Support levels: 109.15, 108.90, 108.45

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of AUD/USD for June 08, 2018

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AUD/USD is expected to trade with a bearish outlook. The pair keeps trading on the downside after retreating from a high of 0.7675 seen yesterday. Currently it remains capped by the descending 20-period moving average, which has just crossed below the 50-period one. And the relative strength index is yet to recover the neutrality level of 50, showing a lack of upward momentum for the pair. Unless the key resistance at 0.7630 is breached, a return to 0.7560 and 0.7525 on the downside is expected.

Fundamental Overview: The Australian economy looked healthy in 1Q, it was not without some serious flaws. It grew 3.1% on-year, which was above trend, but the household sector wasn't part of the party. The household savings ratio dropped to a decade low. The things that drove growth like exports, may not have the same repeat performance. Citi argues household consumption growth is unlikely to accelerate without a pick-up in wages growth. Inflation therefore looks set to remain mild, keeping the RBA on hold.

Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7630, 0.7645, 0.7675

Support levels: 0.7560, 0.7525, 0.7495

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for June 08, 2018

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USD/CAD is expected to trade with a bullish outlook. Despite the recent pullback from 1.3030, the pair is still trading above its rising 50-period moving average. The relative strength index lacks downward momentum. To conclude, as long as 1.2940 is not broken, look for a rebound to 1.3020. A break above this level would trigger a new upleg to 1.3065 in extension.

Fundamental Overview: Today's data shows that Canada unexpectedly shed jobs in May, while the unemployment rate remained unchanged at a decade-plus low and hourly wages surged at their fastest pace in over nine years. Employment in Canada fell slightly in May, down a net 7,500 jobs on a seasonally adjusted basis.This is the second straight month of job losses, after employment declined by a net 1,100 positions in the previous month. Market expectations were set at a 23,500 advance in employment in May, according to economists at Royal Bank of Canada. The unemployment rate held steady at 5.8%, or the lowest level since October 2007. When using U.S. Labor Department methodology, Canada's jobless rate in May was 4.8%.

Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 1.3020, 1.3065, 1.3095

Support levels: 1.2940, 1.2920, 1.2890

The material has been provided by InstaForex Company - www.instaforex.com